Florida Summer is the Best Season for Solar Energy
It only takes seeing your power bill double from one month to the next to start thinking about alternatives to lower the bill. The only alternative to the power company is home solar energy because it’s cheaper. It’s interesting how a skyrocketing power bill can motivate us to focus on saving some money.
There are a lot of issues at play that come to the forefront during the hot summer months, but nothing more glaring than the cost of power. Over the past 5 years, the power companies have raised rates considerably, and the cost of solar went down. The cost of home solar energy going down makes it the perfect alternative to the power companies rising rates.
The Challenge for Homeowners Going Solar is the Cost
The greatest challenge for homeowners going solar is the cost because it’s a high-ticket item. Although the solar industry as a whole offers a variety of ways to buy solar no question paying cash is the way to go.
If a homeowner prioritizes going solar there’s a variety of ways to get it done. The solar industry offers financing and leasing as an alternative to paying cash, but the return on investment is less. Your Solar Advocate recommends getting your loan personally because the solar industry has strict credit requirements of at least 640 or higher, and income requirements as well. In addition to strict credit requirements, they charge high closing costs. Taking into consideration the strict credit requirements a homeowner is better off getting financing separate from their solar purchase.
Solar is an Investment Like No Other
Home solar isn’t like any other investment because you use the power company payment to offset the cost of solar. Power companies rent you power, and homeowners can use that rent payment as a rent-to-own payment for home solar energy. The power company has nothing for you except a higher power bill, no matter how long you are a customer. On the other hand, home solar has a breakeven point for what you would have paid the power company anyway. At that breakeven point, you own a powerplant that’s paid for and everything it produces is free energy.
